value chain and employees are the responsible actors to execute those processes. The strategy gap that some industry watchdogs have noted is real and growing. Innovative technologies provide one approach to collapsing this gap and allowing corporate strategic outcomes to be fully realized and risk management programs to be fully described. The first two steps of the closed-loop EPM process model involve developing the strategy and then to translate the strategy into particular actions that the organization can undertake. Strategy development as a subset of strategy formulation represents the articulation of the key components of strategy: mission, vision, strategic goals, and strategic objectives. There are several approaches to strategy development which may be considered. However, this may occur the executive leadership of the organization approve the strategy and typically review this strategy every 3–5 years based upon a 10–20-year time horizon. Some business and national cultures may consider a longer-range strategy time horizon. Strategy translation then takes the often-obscure direction and statements defined in the first step and considers how to make these directions actionable. In the case of strategic goals, these are lofty targets given generally 3–5 years to achieve. Strategic objectives then identify specific progress against goals in a given time period. For example, "product ABC will achieve a market share of x% over the next two fiscal years" would be a strategic objective. Key performance indicators assigned to these goals are determined which can monitor the organization progress towards achieving goals and objectives. Business planning and forecasting Business planning and forecasting refers to the set of activities where business is planned against the strategy and what forecast activities or results of the organization may occur from operational execution during a particular time period. This discipline corresponds to the third and sixth steps of the closed-loop EPM process model. Financial forecasts are a forecast of how a business will perform financially over, say, the year ahead. Preparing forecasts will help a business to assess its likely sales income, costs, external financing needs and profitability. Financial forecasts are essential if a business needs to raise money from a third party, such as a bank. But they also provide businesses with the means to monitor performance on, say, a monthly basis and thereby exercise effective financial controlarguably the second most important management function in running a business. Financial management Financial management refers to the set business processes done to close